On 12 December 2013, the European Commission published a press release announcing that on 11 December 2013, Parliament and Council Presidency negotiators reached political agreement in trilogue on the proposed Recovery and Resolution Directive (RRD). The Directive will enter into force on 1 January 2015 and will introduce the bail-in principle which will apply from 1 January 2016. The Directive now needs official approval by the Parliament and Council of the EU at first reading.
Michel Barnier, European Commissioner for Internal Market and Services, welcomed the trilogue in a press release dated 12 December 2013. Mr Barnier highlighted the key elements of the proposal:
· A comprehensive and credible framework;
· Integrity and unity of the Single Market; and
· A strong regime for financing resolution.
The agreement is subject to formal approval by the co-legislators and is expected to be followed in the next few days by a final agreement on the new rules on Deposit Guarantee Schemes.